Analysis of Investment Opportunities in Shanghai's 15th Five-Year Plan AI Industry Policies

Based on the latest policy information and market data, I will systematically analyze the investment opportunities brought by Shanghai’s 15th Five-Year Plan AI industry policies from an investment perspective.

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According to the Proposal of the CPC Shanghai Municipal Committee on Formulating the 15th Five-Year Plan for Shanghai’s National Economic and Social Development released on January 19, 2026, Shanghai has clearly defined three core directions for full-stack AI innovation [1]:

Core Direction	Policy Connotation	Investment Implication
High-Performance Intelligent Computing Chips	Strengthen the entire chain of chip design, manufacturing, and packaging/testing	Domestic GPU/ASIC chip enterprises enter a policy dividend period
High-Quality Corpora	Build a data factor market	Data service and synthetic data enterprises benefit
High-Efficiency Intelligent Computing Clusters	Construction of super nodes and 10,000-card clusters	Enterprises in computing infrastructure and interconnection benefit

Shanghai is simultaneously advancing the deepening of the ‘AI+’ initiative and the ‘Molding Shanghai’ Project, aiming to build a world-class high-end AI industrial cluster [2].

Shanghai’s AI industry delivered impressive results in 2025 [2][3]:

• Scale of above-scale AI industry
  : Expected to exceed
  550 billion yuan
  , with a year-on-year growth rate of over
  30%
• Scale of integrated circuit industry
  : From January to November 2025, operating revenue reached
  391.2 billion yuan
  , with a year-on-year growth of
  23.72%
  ; the full-year revenue is expected to exceed 460 billion yuan, with a year-on-year growth of 24%, doubling the scale in five years
• Global Competitiveness
  : Shanghai ranks 4th globally and 1st in China in the Top 100 Cities in Global Integrated Circuit Industry Comprehensive Competitiveness

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In late 2024, the Implementation Plan on AI ‘Molding Shanghai’ was released for the “Molding Shanghai” Project, which builds an industrial ecosystem from four dimensions [2][3]:

┌─────────────────────────────────────────────────────────────┐
│                  "Molding Shanghai" Project Framework       │
├──────────────────┬─────────────────────┬──────────────────┬─────────────────────────┤
│ Infrastructure Base │ Key Productivity Tools │ Key Vertical Fields │ Innovative Application Ecosystem │
├──────────────────┼─────────────────────┼──────────────────┼─────────────────────────┤
│ • Intelligent Computing Chips │ • Foundation Large Models │ • Intelligent Manufacturing │ • Scene Opening │
│ • Computing Clusters │ • Embodied AI │ • Fintech │ • 400+ Application Scenarios │
│ • High-Quality Corpora │ • Multimodal Models │ • Healthcare │ • Open-Source Ecosystem │
│                  │                     │ • Urban Governance │                         │
└──────────────────┴─────────────────────┴──────────────────┴─────────────────────────┘

The policy directly benefits domestic AI chip enterprises, especially leading enterprises that have formed cluster effects [4][5]:

Enterprise	Listing Status	Core Advantages	Investment Highlights
Biren Technology	Hong Kong Stock Exchange (06082.HK), listed on January 2, 2026	“First Domestic GPU Stock” in Hong Kong, once valued over HK$100 billion	Over 2300 times subscription, participated by 23 top institutions
Muxi Semiconductor	STAR Market (688802.SH), listed in December 2025	692.95% increase on the first day, market value once hit 350 billion yuan	Achieved a closed-loop domestic supply chain
Iluvatar CoreX	Hong Kong Stock Exchange (09903.HK), listed on January 8, 2026	China’s first enterprise independently developing general-purpose GPUs	Complete “cloud-edge integration” solution for training + inference
Enflame Technology	In STAR Market counseling	Launched third-generation products in 2024, realized domestic 10,000-card inference clusters	Expected valuation to exceed 20 billion yuan

: Three of the four domestic GPU “Little Dragons” are based in Shanghai, reflecting the advantage of industrial clusters. In 2026, with the escalation of overseas blockades and urgent domestic independent demand, domestic computing power is entering a critical transition period from “usable” to “reliable” [4].

Shanghai clearly proposes to build the “fastest mass production” city for embodied AI, opening up various real scenarios such as manufacturing, logistics, healthcare, and housekeeping [2]:

• Policy Support
  : 3,000 manufacturing enterprises to achieve intelligent applications, focusing on empowering industries such as integrated circuits, automobiles, high-end equipment, and aerospace
• Technical Route
  : Promote robot iteration in real environments, with Sim2Real realism exceeding 98%
• Beneficiary Targets
  : Robot ontology enterprises, sensor manufacturers, dexterous hand suppliers

The Implementation Plan for Shanghai to Accelerate the Development of ‘AI + Manufacturing’ clearly states [2]:

• Promote
  3,000
  manufacturing enterprises to achieve intelligent applications
• Support exploration of high-value application scenarios
• Build demonstration factories and demonstration scenarios

: Industrial software, digital twins, AI quality inspection, predictive maintenance of equipment

The “Molding Shanghai” Project promotes vertical model applications and multi-agent development, with key layouts in [1][3]:

Field	Representative Enterprises	Progress
Multimodal Scientific Large Model	Shanghai AI Laboratory (Intern-S1)	Surpassed Grok-4 in comprehensive scientific rankings
Open-Source Multimodal Inference	StepLabs (Step-3)	Topped the MMMU ranking
Full-Modal Layout	MiniMax	70% of revenue from international markets, listed on Hong Kong Stock Exchange on January 9

Shanghai issued

, , and , directly reducing the marginal R&D costs of enterprises [2]:

• Public Computing Platform
  : Shanghai Yidian Intelligent Computing Services plays a “chain leader” role
• Intelligent Computing Cloud Base
  : Efficient and inclusive computing services
• Super Node Technology
  : Huawei Ascend 384 super node has a total computing scale of 300 PFLOPS

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Investment Main Line	Core Logic	Expected Space
Domestic Computing Power	Urgency of independent control + technological breakthroughs + commercialization landing	The TAM of domestic computing power is expected to grow from over US$13 billion in 2025 to over US$180 billion in 2030
Semiconductor Equipment	Wafer fab expansion + increase in localization rate	Localization rate is expected to rise to 40% in 2026, with order growth rate of equipment companies exceeding 30%
AI Application Ecosystem	Scene opening + vertical models + embodied AI	2025 industry scale of 550 billion yuan, growth rate of over 30%

The policy support provided by Shanghai’s 15th Five-Year Plan for the AI industry includes [1][6]:

1. Financial Support
   : Three leading industry mother funds with a total scale of
   100 billion yuan
   ; annual financial support such as tape-out subsidies and high-quality special projects reaches tens of millions of yuan
2. Talent Aggregation
   : Shanghai gathers about 40% of the country’s integrated circuit industry talents, nearly 50% of industrial innovation resources, and has an AI talent pool of nearly 300,000, accounting for about one-third of the country’s total
3. Ecosystem Collaboration
   : Collaborative development of “domestic chips, domestic models, domestic applications”; Biren Technology + StepLabs + Shanghai Yidian Intelligent Computing Services form a one-stop “chip - model - computing power” solution

• Technical Risk
  : Restrictions on advanced processes, progress of super node technology breakthroughs
• Market Risk
  : Competitive pressure from overseas manufacturers such as NVIDIA
• Valuation Risk
  : Some enterprises have high IPO valuations, need to pay attention to fundamental support
• Policy Risk
  : Changes in the international situation may affect the supply chain

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Based on policy orientation and industrial development trends, the following investment targets are recommended:

Target	Code	Segmented Field	Remarks
Biren Technology	06082.HK	Domestic GPU	“First Domestic GPU Stock” in Hong Kong
Muxi Semiconductor	688802.SH	Domestic GPU	STAR Market, 100-billion-yuan market value
Iluvatar CoreX	09903.HK	Domestic GPU	Listed in Hong Kong, leading general-purpose GPU enterprise
Enflame Technology	Upcoming listing	Domestic AI Chip	In STAR Market counseling
Moore Threads	Upcoming listing	Domestic GPU	STAR Market, largest IPO in 2025 in terms of fundraising scale

• Semiconductor Equipment
  : AMEC (Zhongwei Company), NAURA (Beifang Huachuang), Hua Hong Semiconductor
• Advanced Packaging
  : Tongfu Microelectronics, JCET (Changdian Technology)
• Material Enterprises
  : Simgui (Hugui Industry), Anji Technology
• Computing Services
  : Enterprises related to Shanghai Yidian Intelligent Computing Services

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Shanghai’s 15th Five-Year Plan AI industry policies have brought historic investment opportunities for domestic computing power chip and AI industrial chain companies:

1. Unprecedented Policy Intensity
   : Full-chain support from computing power chips, model corpora to intelligent computing clusters; 550 billion yuan industry scale, 30%+ growth rate demonstrate industrial vitality

2. Significant Industrial Cluster Effect
   : Three of the four domestic GPU “Little Dragons” are based in Shanghai; the integrated circuit competitiveness ranking 4th globally and 1st domestically provides a solid foundation for industrial development

3. Precise Layout of the ‘Molding Shanghai’ Project
   : Collaborative advancement in four dimensions (infrastructure base, key tools, vertical fields, application ecosystem); over 400 open scenarios support technology implementation

4. Verification of Capital Market Enthusiasm
   : 5 AI enterprises listed in one month, over 2300 times subscription, 700% increase on STAR Market’s first day, indicating high market recognition of Shanghai’s AI industry

:

• Short-term (2026)
  : Focus on valuation recovery opportunities of listed domestic GPU enterprises
• Mid-term (2026-2028)
  : Lay out vertical applications such as embodied AI, AI+manufacturing, and smart factories
• Long-term (2028-2030)
  : Focus on the growth dividend of domestic computing power TAM growing from US$13 billion to US$180 billion

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[1] Daily Economic News - Proposal of the CPC Shanghai Municipal Committee on Formulating the 15th Five-Year Plan for Shanghai’s National Economic and Social Development Released (https://finance.eastmoney.com/a/202601193622747988.html)

[2] The Paper - How Busy Was the Start of 2026? Shanghai Gives Three Key Words (https://m.thepaper.cn/newsDetail_forward_32358904)

[3] East Money - Shanghai’s AI “Chip” Forces Rush to the Capital Track (https://www.jfdaily.com/sgh/detail?id=1692237)

[4] Eastmoney.com - Domestic AI Chips Accelerate Catch-Up, Injecting “Chinese Chips” into the Computing Power Economy (https://wap.eastmoney.com/a/202512263603304463.html)

[5] PE Daily - Shanghai Has Made a Killing Lately (https://news.pedaily.cn/202601/559443.shtml)

[6] Eastmoney.com - 5 AI Enterprises Listed in Shanghai in One Month, 550 Billion Yuan Industry “Moat” Blooms Across the Chain (https://finance.eastmoney.com/a/202601093613503989.html)

[7] STAR Market Daily - Shanghai’s Sci-Tech Innovation Accelerates (https://www.eet-china.com/mp/a464319.html)

[8] Eastday.com - “Expert” Government and “Trend-Setting” Enterprises: Shanghai Deepens Ecosystem to Build an AI Cluster Innovation “Magnetic Field” (https://nw.eastday.com/bjzx/20260108/d4c31f2afbbb4cc39915bb7fbc1727dd.html)